[ISC] Q. 20 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Solution to Question number 20 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Desh, Prem and Azad carrying on business and sharing profits and losses in the ratio of 2 : 2 : 1, dissolved their firm as at 31st March, 2022 on which date their Balance Sheet was as follows:

Liabilities	₹	Assets		₹
Sundry Creditors Bills Payable Bank Loan General Reserve Investments Fluctuation Reserve Capital A/cs: Desh Prem Azad	41,500 20,000 40,000 50,000 40,000 75,000 75,000 15,000	Cash at Bank Stock Debtors Less: PDD Investments Premises	50,000 2,500	22,500 80,000 47,500 55,000 1,51,500
	3,56,500			3,56,500

Following transactions took place at the time of dissolution:

(i) A bill for ₹ 5,000 received from Mohan discounted from bank is not met on maturity. Mohan proved insolvent and a dividend of 50% was received from his estate.

(ii) The assets except Cash at Bank and Investments were sold to a company which paid ₹ 3,25,000 in cash. The Investments were sold and ₹ 56,500 were received.

(iii) Sundry Creditors (including Bills Payable) were paid ₹ 57,500 in full settlement.

(iv) Realisation Expneses were ₹ 15,000.

Prepare Realisation Account, Partner’s Capital Accounts and Bank Account.

Solution:-

Here is the list of solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31